New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>PaySauce (PYS) reported a broadly in-line FY26 result, albeit one that was largely pre-released.</li><li>FY26 marked a transition year, with the April 2026 launch of Australian operations signalling a shift from platform development to commercial execution through FY27.</li><li>We revise our forecasts accordingly, with our blended spot valuation declining -1cps to NZ$0.32 as softer near-term profitability is mostly offset by us lifting medium-term Australian customer growth assumptions.</li></ul>

PaySauce (PYS) reported a broadly in-line FY26 result, albeit one that was largely pre-released.FY26 marked a transition year, with the April 2026 launch of Australian operations signalling a shift from platform development to commercial execution through FY27.We revise our forecasts accordingly, with our blended spot valuation declining -1cps to NZ$0.32 as softer near-term profitability is mostly offset by us lifting medium-term Australian customer growth assumptions.

PaySauce FY26: Pending Progress In Australia

PaySauce Ltd

PaySauce FY26: Pending Progress In Australia